Can international collaboration help to fight cybercrime?

Technology Untangled

We’ve spoken before on this podcast about cyber security and protecting yourself from cyber crime - but what is being done to tackle the phenomenon internationally? That’s what we’re looking at in this episode. We’ve bought together some of the most senior global figures on cyber crime to find out how international collaboration and public/private partnership is taking the fight to the criminals.

It’s a big task. It is predicted that cybercrime will cost the global economy over 9.2 trillion dollars in 2024. The number of firms targeted by ransomware attacks has increased by almost 20% in the last five years, with 72% of organisations being hit in 2023.

Deepak Verma is Head of Product for HPE Data Protection. He says it’s not just the big financial players who are being targeted; in fact education and healthcare are the main victims of cyber attacks. Because cyber criminals don’t have to contend with geographical borders, attacks can be instigated from anywhere, to target anywhere.

Which is why, as Joanna Bouckaert, from the Centre for Cybersecurity of the World Economic Forum says, bringing governments and organisations together from across the world is imperative to protecting ourselves from the growing complexity of cyber attacks; as is increasing awareness within the private sector.

But there’s more to reducing the number of cyber attacks than prevention alone. Craig Jones is a law enforcement official working for Interpol as Director of Cybercrime. He says building a network of co-operation with different countries has been a key part of bringing down gangs of cyber criminals across the world.

Sources and statistics cited in this episode:
Cybercrime global cost - https://www.statista.com/forecasts/1280009/cost-cybercrime-worldwide
20th anniversary of the Budapest Convention - https://www.coe.int/en/web/cybercrime/20th-anniversary-budapest-convention
Bank thwarting billions of pounds worth of cyber attacks - https://www.ft.com/content/cd287352-cb3b-48d8-a85b-668713b80962
Schools hit by cyber attacks - https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2022/educational-institutions-findings-annex-cyber-security-breaches-survey-2022
Stuxnet malware - https://www.cfr.org/cyber-operations/stuxnet
NIS2 Directive - https://www.nis-2-directive.com/#:~:text=What%20is%20the%20NIS%202,cybersecurity%20across%20the%20European%20Union.
Cyber security spending prediction - https://www.statista.com/outlook/tmo/cybersecurity/worldwide#:~:text=Revenue%20in%20the%20Cybersecurity%20market,US%2492.91bn%20in%202024.
HPE logs 2.6 billion events every day - https://www.hpe.com/us/en/newsroom/blog-post/2023/04/hpe-showcases-data-security-initiatives-via-the-2023-cybersecurity-report.html